Aker Solutions has reported earnings before interest and tax, depreciation and amortisation (EBIT) of Nkr110m (€10m) in the second quarter of 2021 compared with Nkr45m reported in the same period in 2020.
EBITDA excluding special items was Nkr392m (5.6% margin), compared with Nkr503m in the second quarter of 2020, which Aker Solutions said was due to one-off effects mainly in the legacy Kvaerner business having a positive impact on second quarter results in 2020.
The company said underlying margins continued to improve sequentially, excluding the positive one-off effect from the arbitration ruling in the first quarter of 2021.
EBITDA excluding special items in the first half of 2021 was Nkr820m compared with Nkr665m in the first half of 2020.
The order intake in the second quarter was Nkr12.2bn, equal to 1.8 times book-to-bill, with key energy transition contract signings in the quarter that included the East Anglia 3 offshore wind project from ScottishPower Renewables.
The scope of the contract includes delivery of engineering, procurement, construction, and installation (EPCI) of a large high voltage direct current (HVDC) platform.
Order intake on this award is subject to the project reaching financial close during first half 2022.
In addition, the company won a front-end engineering and design (FEED) contract to develop an e-fuel facility for Nordic Electrofuel, where the plan is to produce carbon-neutral, synthetic fuels and other fossil replacement products, based on hydrogen, CO2 and renewable power.
Tendering activity is “record high” and Aker Solutions is bidding for contracts totalling about Nkr90bn.
About 25% of the value is related to energy transition work, such as offshore wind, carbon capture, hydrogen, and technologies for oil and gas including subsea gas compression and electrification, the company said.